Plymouth, Minn. (April 17, 2015) – Minnesota-based TruStone Financial Federal Credit Union has surpassed $1 billion in assets. The milestone came at the end of first quarter 2015 making TruStone Financial one of the largest financial institutions in the state. The credit union will mark the occasion by hosting a “Thanks a Billion” celebration for members at all TruStone Financial branches on April 24, 2015.
TruStone Financial has seen a 55% increase in assets over the last four years. Fueled in part by the year-over-year double digit lending growth, the credit union has increased its lending portfolio by more than 80% since 2010.
The credit union set forth to improve key ratios by building a strong foundation of credit quality, low delinquency and healthy, viable growth. TruStone Financial now has a delinquency ratio of 0.26% and steady rise in net worth ratio, which now stands at 9.70%.
As these ratios have substantially improved, so too has the long-term investment performance of the organization. Notably, TruStone Financial is the only federal credit union with assets greater than $1 billion to realize an investment yield of 2.7% or more for each of the past six years.
“Surpassing the billion dollar threshold validates our mission as an organization,” said CEO, Tim Bosiacki. “Advancing the credit union during an unprecedented and volatile market is a testament to the commitment of this organization and the continued mission to challenge traditional banking.”
TruStone Financial’s growth is not limited to the balance sheet and income statement. The credit union recently broke ground on a new Golden Valley location on the corner of Boone Avenue and Highway 55 and expects to open this branch fall 2015. As a result of mergers and acquisitions over the past few years, the credit union has expanded from one state with six branches to a two-state institution with 11 branches.
“It’s not by accident that TruStone Financial has had such phenomenal growth,” said Tom Alagna, TruStone Financial’s Chairman of the Board. “Our plan has always been and will always be to offer financial services and products that are best in class. This approach has been well received by our members and customers and is one of the main reasons they continue to bank with us.”
The internal culture of the organization has also seen a transformation over the past few years. Those efforts paid off when TruStone Financial was awarded a Credit Union Journal Best Places to Work designation in 2014, an award given to just 30 credit unions across the country. TruStone Financial was also recently recognized as a CSO40 and CSO50 award recipient in 2013 and 2014, showcasing security products and initiatives that demonstrate outstanding business value and thought leadership.
“I am proud of the more than 250 employees who have dedicated themselves to our members over the years,” said Bosiacki. “Our mission to be a partner with our business and individual members as well as with the communities we serve has never been stronger.”